Axis Bank has raised a three-year $500 million offshore loan from Mitsubishi UFJ Financial Group, using it to support lending and general business needs. The move highlights mounting pressure on Indian banks as loan growth continues to outpace deposit growth, with Axis reporting 19% loan growth versus 14% deposit growth in the year ended March.
Proxy advisory firms SES and IIAS have urged investors to vote against resolutions needed to operationalise Shriram Finance’s deal with MUFG. Their concern: special rights that place MUFG in a “driver seat” role and a non-compete fee paid to promoters. Shriram Finance counters that the rights are protective and do not dilute promoter control, and says the fee benefits all shareholders.
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